What do you need to consider with Property Ownership?
There have been many changes to the taxation (Stamp Duty Land Tax, Capital Gains Tax, Income Tax, Corporation Tax) of property ownership, as the Government tries to discourage the ownership for both individuals and businesses. There are further changes planned in the coming tax years and others currently in consultation (PPR changes to ancillary reliefs – closed 1 June 2019).
Obtaining professional property tax advice before buying or selling a property to ensure you mitigate your taxation liability can save you thousands of pounds. One recent exercise we carried out for an individual showed by selling a property 1 day later could result in an additional £20k of taxation. Timing is often therefore vitally important.